France pushes for a clearer MiCA rulebook and stronger euro stablecoins
French authorities want a more coherent legal framework, tighter investor safeguards and support for euro-denominated digital money.
French authorities’ proposals
France’s Treasury, AMF, Banque de France and ACPR jointly responded to the European Commission’s MiCA review consultation on 21 October 2026. They advocate clarity between financial-instrument, payment and crypto rules.
The stablecoin dimension
The authorities support euro-denominated stablecoins and tokenised bank deposits, while seeking explicit restrictions on EU service providers facilitating non-compliant stablecoins.
The balancing act
Their proposals combine a drive for European competitiveness with stronger consumer protection and financial stability. These remain recommendations, not enacted amendments.
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Information reflects publicly available material as of 28 October 2026. It is not legal or financial advice.